Rishi Sunak says he “has work to do to restore trust” as he spoke for the first time after becoming Prime Minister on Tuesday morning. Gilt yields calmed to their lowest level since before the disastrous mini-Budget on 23 September.
HSBC kicked off the UK banking sector’s earnings season today by revealing “strong momentum” after net interest income surged on the back of rising interest rates and it retained a “tight grip” on costs.
The optimism of boss Noel Quinn came as the lender reported profits of $3.1 billion, a fall of 42% on the year before due to one-off charges linked to the planned sale of its retail banking business in France.
